Use the equity in my home

So you’ve heard it’s possible to make your home loan work for you, and tap into the equity in your property. We’ve got the right advice to help you do it properly.

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Understanding Equity

You didn’t rush into buying your home, so don’t attempt to access your equity without fully understanding the process.

The amount of equity in your home is determined by the difference between the market value of your home, and the amount you still have to repay on your mortgage. Put simply, the more you pay off your home loan, or as the value of your home increases, your equity grows.

Before you do a few quick sums and start planning what to do with your equity, you should consider that by accessing your equity, the total amount you’ll owe on your mortgage will increase, which can mean your repayments rise. What’s more, depending on the type of home loan you have, you may face restrictions which prevent you from taking advantage of your equity or even growing it by making extra repayments.

When thinking of growing or accessing the equity in your home, be sure to speak to a lending expert – you can start an equity conversation online by Making a Home Loan Enquiry today.

You didn’t rush into buying your home, so don’t attempt to access your equity without fully understanding the process.

The amount of equity in your home is determined by the difference between the market value of your home, and the amount you still have to repay on your mortgage. Put simply, the more you pay off your home loan, or as the value of your home increases, your equity grows.

Before you do a few quick sums and start planning what to do with your equity, you should consider that by accessing your equity, the total amount you’ll owe on your mortgage will increase, which can mean your repayments rise. What’s more, depending on the type of home loan you have, you may face restrictions which prevent you from taking advantage of your equity or even growing it by making extra repayments.

When thinking of growing or accessing the equity in your home, be sure to speak to a lending expert – you can start an equity conversation online by Making a Home Loan Enquiry today.

How can we help?

Make a Home Loan enquiry

Speak to the lending experts and get the right loan to suit your needs.

Growing your equity

There are basically two main ways to make sure your equity grows, and that is by making changes around the house to ensure its value continues to grow, or structuring your mortgage and repayments correctly.

There are basically two main ways to make sure your equity grows, and that is by making changes around the house to ensure its value continues to grow, or structuring your mortgage and repayments correctly.

Increase your property value

Of course, it’s fair to think that all property values are slowly rising. If you want to give your property value a real kick-start, though, make some changes which ensure it will be viewed favourably by the market. Getting your renovations right will not only improve your quality of life now, it will mean that your property will be worth more.

Of course, it’s fair to think that all property values are slowly rising. If you want to give your property value a real kick-start, though, make some changes which ensure it will be viewed favourably by the market. Getting your renovations right will not only improve your quality of life now, it will mean that your property will be worth more.

Structuring your loan and repayments

A sure-fire way to increase your equity is to simply reduce the balance of your loan by increasing either the size and/or frequency of your repayments. Also, by opening an offset account, your savings are offset against your loan balance, reducing the interest you pay.

And if you know you’re going to regularly want to access your equity, look for a Line of Credit Loan. By making more regular repayments, the amount available for you to withdraw will automatically increase.

A sure-fire way to increase your equity is to simply reduce the balance of your loan by increasing either the size and/or frequency of your repayments. Also, by opening an offset account, your savings are offset against your loan balance, reducing the interest you pay.

And if you know you’re going to regularly want to access your equity, look for a Line of Credit Loan. By making more regular repayments, the amount available for you to withdraw will automatically increase.

Accessing your equity

To work out how much equity you have in your home, it’s probably wise to get an up-to-date property valuation for the property.

To access your equity, you can withdraw extra repayments if your loan features a redraw facility, or by topping up your loan balance. Greater Bank customers are able to make unlimited free redraws on their Home Loan via Internet Banking.

Talk to your lender about how much equity you have in your home, and the best way to access it.

If you’re over 60 and own your own home, you may also look to consider a Reverse Mortgage. This option allows you to make regular withdrawals on your home loan without having to sell your home.

To work out how much equity you have in your home, it’s probably wise to get an up-to-date property valuation for the property.

To access your equity, you can withdraw extra repayments if your loan features a redraw facility, or by topping up your loan balance. Greater Bank customers are able to make unlimited free redraws on their Home Loan via Internet Banking.

Talk to your lender about how much equity you have in your home, and the best way to access it.

If you’re over 60 and own your own home, you may also look to consider a Reverse Mortgage. This option allows you to make regular withdrawals on your home loan without having to sell your home.

How can we help?

Reverse Mortgages

With a Reverse Mortgage, you can unlock the wealth and turn your bricks and mortar into a cash resource to fund the lifestyle you choose.

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider the relevant disclosure documents, which include Greater Bank's Terms and Conditions for Deposit and Credit Accounts for some products, Product Disclosure Statements (PDS) for others and Greater Bank's Financial Services Guide (FSG). The Terms and Conditions for Deposit and Credit Accounts or a PDS are relevant when deciding whether to acquire or hold a product.

By accessing and viewing this site you agree to be bound by the Terms & Conditions of this website.

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider the relevant disclosure documents, which include Greater Bank's Terms and Conditions for Deposit and Credit Accounts for some products, Product Disclosure Statements (PDS) for others and Greater Bank's Financial Services Guide (FSG). The Terms and Conditions for Deposit and Credit Accounts or a PDS are relevant when deciding whether to acquire or hold a product.

By accessing and viewing this site you agree to be bound by the Terms & Conditions of this website.